Casey’s earnings soar in fourth quarter

Casey's General Stores posted sharply higher earnings in the fourth quarter of fiscal 2015, but falling fuel prices cut into overall revenues.

The Ankeny-based convenience store chain recorded net income of $41.3 million, or $1.05 per common share, in the final quarter of fiscal 2015, compared with $20.9 million, or 54 cents per share, in the same quarter of fiscal 2014.

Revenue for the quarter fell to $1.7 billion from $1.9 billion in the same period a year earlier. Fuel revenue dropped from $1.4 billion in the final quarter of fiscal 2014 to $1 billion in the same period of fiscal 2015.

Although fuel revenue declined, same-store gallons rose 3.5 percent with an average margin of 16.9 cents per gallon. For the year, annual same-store gallons sold were up 2.6 percent with an average margin of 19.3 cents per gallon.

The fourth-quarter results beat analysts' expectations for earnings of 84 cents per share and revenue of $1.62 billion.

For the year, Casey's posted net income of $180.6 million, or $4.62 per share, compared with $126.8 million, or $3.26 per share, in fiscal 2014. Revenue for fiscal 2015 was $7.8 billion, compared with $7.9 billion in fiscal 2014.

'Fiscal 2015 was a tremendous year for Casey's,” said Chairman and CEO Robert Myers in a news release. 'Sales were strong throughout all of our categories, and the company is poised to grow the business in fiscal 2016 with a variety of initiatives to improve the existing store base, while at the same time building and acquiring more stores.”

Within the last fiscal year, Casey's replaced its store at 201 Eighth Ave. SE in downtown Cedar Rapids and constructed a new store at 560 33rd Ave. SW.

The convenience store chain also remodeled its Fairfax location at 65 Williams Blvd.